SCRIBA, N.Y. -- Entergy Corp. today confirmed that it is negotiating to sell the FitzPatrick nuclear plant in Oswego County to Exelon Corp. Entergy said it will close the plant in January, as previously announced, if the sale cannot be completed.

Entergy said in a news release that it aims to complete the negotiations with Exelon by mid-August. The transaction depends on approval by the New York Public Service Commission of a new nuclear subsidy program that was proposed Friday as part of the state's clean energy standard.

The proposed nuclear subsidy program, estimated at $482 million a year split between FitzPatrick and three other nuclear reactors in Upstate New York, still faces review by the commission. The PSC scheduled a brief 10-day period for public comments on the proposal, which would allow the commission to consider it at its Aug. 1 meeting.

"We are working with Exelon to come to commercial terms on a sale transaction that depends largely on the final terms and timeliness of the New York State Clean Energy Standard," said Entergy Wholesale Commodities President Bill Mohl. "We thank New York Gov. Andrew Cuomo for his leadership in promoting the Clean Energy Standard, which provides incentives for financially strapped nuclear power plants."

Entergy announced in November 2015 that it would close FitzPatrick in January 2017 because the plant loses money.

"Over the past several months, my administration has been working closely with both companies to find a way to keep this vital energy resource operating. While there remains much work to be done, I am pleased that significant progress is being made,'' Cuomo said.

A sale to Exelon would require regulatory approval by the U.S. Nuclear Regulatory Commission and others before it could be finalized.That process is likely to take nine months to a year, company officials said.

Entergy said it will begin preparations for both of the plant's possible futures -- a shutdown, or continued operation and sale.